Analysts revise Rivian stock price target

Core Insights - Rivian's stock experienced a significant surge of up to 50% in pre-market trading on June 26, 2024, following Volkswagen's announcement of a $5 billion investment aimed at addressing Rivian's software challenges and developing a lower-cost electric SUV [2][3] Group 1: Investment and Market Reaction - The investment from Volkswagen is seen as a major boost for Rivian, providing renewed optimism among analysts despite the company's ongoing struggles in 2024 [2] - Rivian's stock price at the time of publication was $16.98, down from $21.10 at the beginning of the year, indicating that the recent surge has not fully offset earlier losses [2] - Dan Ives from Wedbush maintained an 'outperform' rating for Rivian and raised the 12-month price target from $15 to $20, calling the Volkswagen investment a "huge win" [3] Group 2: Analyst Ratings and Forecasts - Guggenheim initiated coverage of Rivian with a 'buy' rating and a forecasted price increase to $18 over the next 52 weeks [4] - Cantor Fitzgerald reiterated its 'overweight' rating for Rivian, maintaining a 12-month price target of $15, although this was a downgrade from a previous target of $23 set in May [4]